Hong Kong Treasury Secretary: Will develop legislation for over-the-counter operations of virtual assets and formulate relevant regulatory arrangements.

According to a report by BlockBeats on October 30th, Hong Kong's Secretary for Financial Services and the Treasury, Christopher Hui Ching-yu, stated that Hong Kong intends to amend the law governing the operation of virtual asset trading platforms and establish relevant regulatory arrangements. With regards to virtual asset advertising and influencer promotions, Hui said there are currently measures in place to regulate the behavior of celebrities or influencers promoting virtual asset platforms. Hui stated that the "Anti-Money Laundering Ordinance" has given the Securities and Futures Commission new powers to enforce virtual asset advertising and promotion. Once fraudulent or misleading behavior is detected, the Securities and Futures Commission has the right to issue cessation and stop orders to the parties involved. If the illegal behavior is not stopped, an injunction can be sought from the court.